For immediate release 27 November 2000
ANITE GROUP PLC ('Anite' or the 'Company')
Acquires Syzygy Solutions Limited, a Telecoms Products Company for up to £3.7 million
Anite Group plc, the European IT consultancy and services company, today announces that it has entered into an agreement to acquire the entire issued share capital of Syzygy Solutions Limited ('Syzygy'), a company specialising in the supply of network business management software tools to Telecoms Operators, for a maximum consideration including earnout of £3.7 million. The consideration comprises initial consideration of £214,079, plus a maximum earnout of £3.5 million payable on the generation of licence revenue to 30 November 2002.
The initial consideration is payable in cash, with the earnout to be satisfied as to 40% in cash (or loan notes) and as to 60% by the issue and allotment to the Sellers of ordinary shares of 10 pence each in the capital of Anite.
Syzygy's software based systems support key business functions with Telecom Operators, enabling them to understand the profitability of their services and to reconcile supplier payments.
The Syzygy team and their products will be integrated with the Network Solutions business of Anite's specialist Telco sector operation, Anite Telecoms Limited. This business delivers Consultancy and Systems Integration services to major European Telco's Operational Support divisions and will enable the Syzygy solutions to be deployed.
John Hawkins, Anite's Chief Executive said:
'This acquisition marks an important step in Anite's move towards delivering product focussed solutions to the Telco Operator market and I am pleased to welcome the Syzygy team aboard.'
For the further information please contact: www.anite.com
Anite Group PLC 0118 945 0121
John Hawkins, Chief Executive
Simon Hunt, Finance Director
Golin/Harris Ludgate 020 7253 2252
Edward Macquisten/Claudine Cartwright
855099-1 2
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